Question 1

Article 2 of the Uniform Commercial Code deals with what type of property?

Accepted Answer

A)  Real 
B)  Personal 
C)  Intangible 
D)  Business 
A)  Real 
B)  Personal 
C)  Intangible 
D)  Business

Question 2

Promissory estoppel is a contractual doctrine that includes the following considerations:

Accepted Answer

A)  The courts use the doctrine of promissory estoppel to enforce unilateral promises. 
B)  Under this doctrine the promisor reasonably expects that the promisee,in reliance on the promise,will be induced by the nature of the promise to take action or refrain from taking action and the promisee does so. 
C)  The courts will not,under any circumstance,enforce promises that do not include all four of the elements of contract. 
D)  None of these apply to promissory estoppel. 
A)  The courts use the doctrine of promissory estoppel to enforce unilateral promises. 
B)  Under this doctrine the promisor reasonably expects that the promisee,in reliance on the promise,will be induced by the nature of the promise to take action or refrain from taking action and the promisee does so. 
C)  The courts will not,under any circumstance,enforce promises that do not include all four of the elements of contract. 
D)  None of these apply to promissory estoppel.

Question 3

Contracts that are implied in law:

Accepted Answer

A)  are obligations imposed by law on grounds of justice and equity. 
B)  are intended to prevent unjust enrichment. 
C)  do not rest upon the assent of the contracting parties. 
D)  All of these. 
A)  are obligations imposed by law on grounds of justice and equity. 
B)  are intended to prevent unjust enrichment. 
C)  do not rest upon the assent of the contracting parties. 
D)  All of these.

Question 4

Maria posted several signs in the neighborhood offering $50 for the return of her lost cat.Dave calls to get a description of the cat and tells Maria,"I'll look for your cat." A contract is formed by Dave's call to Maria.

Accepted Answer

A) True 
 B)False

Question 5

A(n)____ contract is one in which the parties have manifested their agreement by oral or written language,or both.

Accepted Answer

A)  express 
B)  implied 
C)  executory 
D)  formal 
A)  express 
B)  implied 
C)  executory 
D)  formal

Question 6

What is the difference between a valid contract and a void contract?

Accepted Answer

A valid contract is one that meets all t

Question 7

"I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 8

A negotiable instrument,such as a check,is not a formal contract.

Accepted Answer

A) True 
 B)False

Question 9

A quasi contract is another name for an oral contract.

Accepted Answer

A) True 
 B)False

Question 10

Anna by mistake delivers to Bob a plain,unaddressed envelope containing $50 intended for Cora.Bob:

Accepted Answer

A)  can keep the money. 
B)  is under a contractual obligation to return the money. 
C)  has a quasi-contractual obligation to return the money. 
D)  has an implied in fact obligation to return the money. 
A)  can keep the money. 
B)  is under a contractual obligation to return the money. 
C)  has a quasi-contractual obligation to return the money. 
D)  has an implied in fact obligation to return the money.

Question 11

Contract law:

Accepted Answer

A)  has seen little change during the nineteenth and twentieth centuries. 
B)  has experienced an expansion of the absolute freedom of contract during the twentieth century. 
C)  today usually recognizes contractual obligations whenever the parties manifest an intent to be bound. 
D)  requires privity between parties seeking to enforce contractual rights. 
A)  has seen little change during the nineteenth and twentieth centuries. 
B)  has experienced an expansion of the absolute freedom of contract during the twentieth century. 
C)  today usually recognizes contractual obligations whenever the parties manifest an intent to be bound. 
D)  requires privity between parties seeking to enforce contractual rights.

Question 12

Edie says to Jeff,"If you will mow my lawn,I will give you fifteen dollars." Under these facts,no contract is formed until Jeff finishes mowing the lawn.

Accepted Answer

A) True 
 B)False

Question 13

According to the Restatement,manifesting an intention to act or an intention to refrain from acting in a specified manner is considered to be:

Accepted Answer

A)  an implied in fact contract. 
B)  an express contract. 
C)  a promise. 
D)  a quasi contract. 
A)  an implied in fact contract. 
B)  an express contract. 
C)  a promise. 
D)  a quasi contract.

Question 14

Sales of personal property are governed by Article ____ of the Uniform Commercial Code (UCC).

Accepted Answer

A)  1 
B)  2 
C)  3 
D)  None of these. 
A)  1 
B)  2 
C)  3 
D)  None of these.

Question 15

If a contract is not clearly unilateral or bilateral,the courts presume that the parties intended a unilateral contract.

Accepted Answer

A) True 
 B)False

Question 16

Common law relating to the formation of contracts has little relevance in the business world today.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is an informal contract?

Accepted Answer

A)  A letter of credit. 
B)  A written contract for the sale of a 5-acre tract of land. 
C)  A check. 
D)  A recognizance. 
A)  A letter of credit. 
B)  A written contract for the sale of a 5-acre tract of land. 
C)  A check. 
D)  A recognizance.

Question 18

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):

Accepted Answer

A)  implied in fact contract. 
B)  express contract. 
C)  void contract. 
D)  quasi contract. 
A)  implied in fact contract. 
B)  express contract. 
C)  void contract. 
D)  quasi contract.

Question 19

What is a formal contract? How does a formal contract differ from an informal contract?

Accepted Answer

A formal contract is legally binding bec

Question 20

One of the changes in contract law between the nineteenth century and the twentieth century is that in more recent times:

Accepted Answer

A)  contractual liability,once assumed,can rarely be escaped. 
B)  contract damages are viewed more narrowly and equitable remedies are no longer available. 
C)  privity of contract is required. 
D)  intended third-party beneficiaries may sue in their own right. 
A)  contractual liability,once assumed,can rarely be escaped. 
B)  contract damages are viewed more narrowly and equitable remedies are no longer available. 
C)  privity of contract is required. 
D)  intended third-party beneficiaries may sue in their own right.

Exam 9: Introduction to Contracts

Article 2 of the Uniform Commercial Code deals with what type of property?

Promissory estoppel is a contractual doctrine that includes the following considerations:

Contracts that are implied in law:

Maria posted several signs in the neighborhood offering $50 for the return of her lost cat.Dave calls to get a description of the cat and tells Maria,"I'll look for your cat." A contract is formed by Dave's call to Maria.

A(n)____ contract is one in which the parties have manifested their agreement by oral or written language,or both.

What is the difference between a valid contract and a void contract?

"I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral contract.

A negotiable instrument,such as a check,is not a formal contract.

A quasi contract is another name for an oral contract.

Anna by mistake delivers to Bob a plain,unaddressed envelope containing $50 intended for Cora.Bob:

Contract law:

Edie says to Jeff,"If you will mow my lawn,I will give you fifteen dollars." Under these facts,no contract is formed until Jeff finishes mowing the lawn.

According to the Restatement,manifesting an intention to act or an intention to refrain from acting in a specified manner is considered to be:

Sales of personal property are governed by Article ____ of the Uniform Commercial Code (UCC).

If a contract is not clearly unilateral or bilateral,the courts presume that the parties intended a unilateral contract.

Common law relating to the formation of contracts has little relevance in the business world today.

Which of the following is an informal contract?

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):

What is a formal contract? How does a formal contract differ from an informal contract?

One of the changes in contract law between the nineteenth century and the twentieth century is that in more recent times:

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

A: Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance,breach,and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits,collections,and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature,formation,and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection Double

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property,property Insurance,bailments,and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

Legal Terminology: Understanding Criminal and Civil Law Systems

Contract Law Terminology

Exploring the Legal Concepts of Agency and Fiduciary Duty

Understanding Key Legal Concepts in Sales and Contracts

Understanding the Terminology of Banking and Finance: Key Concepts and Definitions

Exploring Legal Concepts and Processes in Business Partnerships

Understanding Corporate Law: A Guide to Ultra Vires Acts, Subscribers, Debt Securities, and More

Understanding Key Terms in Secured Transactions and Bankruptcy Law

Legal Topics and Terms